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Previous Highz broken out, Heading for new Highz

As expected, Bulls successfully breakout previous highz and recorded new Highz.
This upmove to continue further towards 12300-12350 zone initially.
Key support exists at 12160 spot.
Previous High acts as strong support now.
Avoid short selling at highs. Bulls in Action now.
Many stocks bouncing from support levels.
Banknifty likely to push nifty upward.
Buy on Dips market.
Resistance 12300-12350.
Supports at 12160-12140.
Suryadev Bandari
Research Analyst

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Exhaustion gap formed. Bulls strength eroded???.

Nifty bounced back strongly on back of Major news announcement of Cut in Corporate Tax on Friday. Today nifty retraced 61.8% of entire fall. As of Now, wave 2 in finishing stages.  More possibility for Wave 3 down to begin any time soon. Hence, Be cautious. Its time to reduce long positions. Profit booking time. From current levels, nifty likely to retest 11000 levels anytime. Short term top made. New highs may not be possible from here. Keep booking profits in long positions. Wave 3 Impulsive Down move can begin any time. Regards, Suryadev Bandari Research Analyst

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